Corning Incorporated (NYSE:GLW) Given Consensus Recommendation of “Hold” by Analysts

Corning Incorporated (NYSE:GLW) has received an average recommendation of “Hold” from the nine ratings firms that are covering the firm, MarketBeat reports. One research analyst has rated the stock with a sell recommendation, four have issued a hold recommendation and four have issued a buy recommendation on the company. The average 1-year price objective among analysts that have covered the stock in the last year is $34.89.

Several equities analysts have weighed in on the stock. Susquehanna reiterated a “positive” rating and issued a $40.00 target price on shares of Corning in a report on Monday, April 1st. StockNews.com raised shares of Corning from a “sell” rating to a “hold” rating in a report on Monday, April 1st. JPMorgan Chase & Co. increased their price target on shares of Corning from $36.00 to $37.00 and gave the company a “neutral” rating in a report on Wednesday, May 1st. UBS Group upped their target price on Corning from $34.00 to $35.00 and gave the company a “neutral” rating in a report on Monday, April 8th. Finally, HSBC cut shares of Corning from a “hold” rating to a “reduce” rating and set a $29.00 price objective on the stock. in a research note on Thursday, February 1st.

Insider Buying and Selling

In other Corning news, EVP Lewis A. Steverson sold 29,978 shares of the stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $33.05, for a total transaction of $990,772.90. Following the completion of the transaction, the executive vice president now directly owns 31,294 shares in the company, valued at $1,034,266.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, EVP Lewis A. Steverson sold 29,978 shares of the firm’s stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $33.05, for a total value of $990,772.90. Following the completion of the sale, the executive vice president now directly owns 31,294 shares in the company, valued at $1,034,266.70. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the firm’s stock in a transaction dated Thursday, March 21st. The shares were sold at an average price of $33.24, for a total value of $2,574,903.36. Following the completion of the transaction, the insider now owns 215,254 shares in the company, valued at approximately $7,155,042.96. The disclosure for this sale can be found here. Insiders sold a total of 119,988 shares of company stock valued at $3,984,964 over the last ninety days. 0.45% of the stock is owned by company insiders.

Hedge Funds Weigh In On Corning

Institutional investors have recently modified their holdings of the business. Alaska Permanent Fund Corp increased its position in shares of Corning by 0.4% during the 1st quarter. Alaska Permanent Fund Corp now owns 83,551 shares of the electronics maker’s stock worth $2,754,000 after purchasing an additional 329 shares during the last quarter. Level Four Advisory Services LLC increased its holdings in Corning by 3.8% in the 4th quarter. Level Four Advisory Services LLC now owns 9,411 shares of the electronics maker’s stock worth $287,000 after purchasing an additional 343 shares in the last quarter. Madison Asset Management LLC increased its stake in shares of Corning by 0.7% in the fourth quarter. Madison Asset Management LLC now owns 53,113 shares of the electronics maker’s stock valued at $1,617,000 after buying an additional 349 shares during the period. Patron Partners LLC grew its holdings in Corning by 2.4% in the first quarter. Patron Partners LLC now owns 14,761 shares of the electronics maker’s stock worth $487,000 after purchasing an additional 349 shares during the period. Finally, First Trust Direct Indexing L.P. increased its stake in Corning by 4.1% in the first quarter. First Trust Direct Indexing L.P. now owns 9,206 shares of the electronics maker’s stock valued at $303,000 after purchasing an additional 361 shares in the last quarter. Institutional investors own 69.80% of the company’s stock.

Corning Stock Down 0.8 %

Shares of NYSE:GLW opened at $33.44 on Tuesday. The company has a current ratio of 1.67, a quick ratio of 1.02 and a debt-to-equity ratio of 0.61. Corning has a 12 month low of $25.26 and a 12 month high of $36.01. The company has a 50-day moving average price of $32.38 and a 200 day moving average price of $30.69. The company has a market cap of $28.65 billion, a price-to-earnings ratio of 47.10, a PEG ratio of 1.71 and a beta of 1.07.

Corning (NYSE:GLW) last issued its earnings results on Tuesday, April 30th. The electronics maker reported $0.38 EPS for the quarter, topping analysts’ consensus estimates of $0.36 by $0.02. The business had revenue of $2.98 billion for the quarter, compared to analyst estimates of $3.12 billion. Corning had a net margin of 4.96% and a return on equity of 12.31%. The company’s quarterly revenue was down 11.5% compared to the same quarter last year. During the same period last year, the company posted $0.41 earnings per share. As a group, equities research analysts predict that Corning will post 1.9 earnings per share for the current year.

Corning Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, June 27th. Investors of record on Friday, May 31st will be given a $0.28 dividend. The ex-dividend date of this dividend is Friday, May 31st. This represents a $1.12 annualized dividend and a yield of 3.35%. Corning’s dividend payout ratio (DPR) is currently 157.75%.

Corning Company Profile

Corning Incorporated engages in the display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses in the United States and internationally. The company's Display Technologies segment offers glass substrates for flat panel displays, including liquid crystal displays and organic light-emitting diodes that are used in televisions, notebook computers, desktop monitors, tablets, and handheld devices.